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Application provision

1.1 Unless otherwise stated, this Part applies to a BRRD undertaking.

1.1

19/01/2015

Unless otherwise stated, this Part applies to a BRRD undertaking.

1.2

01/01/2019

In this Part, the following definitions shall apply:

Article 1(1)(b) entity

means a financial institution that is established in an EEA State when the financial institution is a subsidiary of a credit institution or investment firm, or of an Article 1(1)(c) entity or an Article 1(1)(d) entity, and is covered by the supervision of the parent undertaking on a consolidated basis in accordance with Articles 6 to 17 of CRR.

Article 1(1)(c) entity

means a financial holding companymixed financial holding company or mixed activity holding company that is established in an EEA State.

Article 1(1)(d) entity

means a parent financial holding company in an EEA State, an EEA parent financial holding company, a parent mixed financial holding company in an EEA State or an EEA parent mixed financial holding company.

competent authority

means a public authority or body officially recognised by national law which is empowered by national law to supervise institutions as part of the supervisory system in operation in the EEA State concerned or the European Central Bank with regard to the specified tasks conferred on it by Article 4 of Council Regulation (EU) No. 1024/2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.

conditions for early intervention

means where an institution infringes or is likely in the near future to infringe the requirements of the CRRCRDMiFID II or any of Articles 3 to 7, 14 to 17 and 24, 25 and 26 of MiFIR.

EEA consolidating supervisor

means a competent authority responsible for the exercise of supervision on a consolidated basis of:

    1. (1) an EEA parent institution; or
    2. (2) institutions controlled by an EEA parent financial holding company or an EEA parent mixed financial holding company.

EEA parent undertaking

means an EEA parent institution, an EEA parent financial holding company or an EEA parent mixed financial holding company.

extraordinary public financial support

means State aid, or any other public financial support at supra-national level, which, if provided for at national level, would constitute State aid, that is provided in order to preserve or restore the viability, liquidity or solvency of an institution or Article 1(1)(b) entityArticle 1(1)(c) entityArticle 1(1)(d) entity or of a group of which such an institution or entity forms part.

management body

means a BRRD undertaking’s body or bodies, which are appointed in accordance with national law, which are empowered to set the BRRD undertaking’s strategy, objectives and overall direction, and which oversee and monitor management decision-making, and include the persons who effectively direct the business of the BRRD undertaking.

own funds requirement

means the requirements laid down in Articles 92 to 98 of the CRR.

parent financial holding company in an EEA State

means a financial holding company which is not itself a subsidiary of an institution authorised in the same EEA State, or of a financial holding company or mixed financial holding company set up in the same EEA State.

parent mixed financial holding company in an EEA State

means a mixed financial holding company which is not itself a subsidiary of an institution authorised in the same EEA State, or of a financial holding company or mixed financial holding company set up in the same EEA State.

parent institution in an EEA State

means an institution authorised in an EEA State which has an institution or financial institution as a subsidiary or which holds a participation in such an institution or financial institution, and which is not itself a subsidiary of another institution authorised in the same EEA State or of a financial holding company or mixed financial holding company set up in the same EEA State.

parent undertaking

has the meaning given in Article 4(1)(15) of the CRR.

significant branch

means a branch of an institution that would be designated as being significant in accordance with Article 51(1) of the CRD.

State aid

means any aid granted by an EEA State or through an EEA State’s resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods, and which affects trade between EEA States.

1.3

19/01/2015

Unless otherwise defined, any italicised expression used in this Part and in the CRR has the same meaning as in the CRR.